Corite (CO) is a Swedish music and tech startup founded in 2018 that has its own distinct approach to funding artists. It works by letting fans invest in music and get a share of streaming profits, becoming an integral part of the journey from product creation to implementation.
Corite's blockchain-based platform allows CO token holders and music fans to participate in fan funding and promotion, get early access to Tier-1 music projects, and earn rewards for contributing to the Corite ecosystem. Through Corite platform, fans can invest in their favorite artists and own royalty shares as backers, providing a transparent and secure way to support the success of their favorite musicians while earning rewards for their participation.
The beta version of the platform was released in October 2019 and now has a 120'000 user base.
In July 2021, Corite entered the US market and partnered with Hitco to successfully close a US$2.2 million presale for their utility token $CO – the native currency of the Corite platform. Thus, Corite expanded its audiences, attracted a talented team and created a democratic working environment for artists. More recently, in January 2022, Corite also announced the closing of a €600K seed round for the European launch of its fan funding platform. The round was led by Tagehus, Eastate and Almi Invest.
Corite works alongside a number of prominent music industry professionals such as L.A. Reid and Charles Goldstuck, founders of Hitco Entertainment, legendary producers (Beyonce, Usher) and Konstantin Kersting and more. Recently, Corite completed a deal with Alan Walker to release multiple tracks and help bring fans to Web3.
In January 2022, Corite CO successfully completed a $ 6.2 million private token sale.
Corite conducted a public fundraising round in September 2022 PancakeSwap, where they successfully raised $1.5 million through an initial farm offering (IFO).
Investors include NGC, CoinCO, Coin98, KuCoin labs, Chromawat, Gate labs, Kyros Venture, Shima Capital, Everse Capital, Rarestone Capital, NGC Ventures, CryptoJ, BTX Capital, Skyman Venture, Exnetworkcapital, Bella Finance, 1001 capital and Hilbert Capital.
## Who Are the Founders of Corite?
Corite was co-founded by Universal Music Sweden alumni Mattias Tengblad and Emil Angervall.
Tengblad Mattias is CEO of Corite with twenty years of experience in the music industry, telecommunications and media. Prior to founding Corite, Mattias worked in the esports sector, was Head of Digital Development at MTG, and was CEO of the branding company – ABBA Pop House Sweden. In addition, Mattias served as Commercial Director at Universal Music Group (Sweden) for five years. Around this time, he launched Digster – a network of streaming playlists, and co-founded Spinnup – a file download service.
Emil Angervall is the Chief Creative Director of the company. Angervall has been working both in technology and in the creative field for over twenty-five years, holding the positions of Lead Designer and Creative Director. He specializes in branding, marketing and digital ventures for Universal Music Group (northern media giant MTG), TV production and digital agencies. With Tengblad, Angervall co-founded startups Sniph and Bright Sunday.
Emelie Olsson is the COO, overseeing the day-to-day operational functions of the company. She works activly with business development, communication and team management. Her past experience is in sales, project management and digital marketing.
## What Makes Corite (CO) Unique?
Corite is a digital distributor operating in the same space as TuneCore, United Masters and Ditto. But the platform has its own differences – Corite gives fans the opportunity to invest directly in their favorite creators and then receive a share of the streaming revenues by engaging the fans. In this way, each fan plays a kind of record label role, funding and in return financially benefiting from potential success.
Creators' fan campaign valuations are set based on previous streaming history to determine the potential of future revenues.
Corite has more than 400 campaigns, raised 1MUSD for artists and millions of streams on its platform. Artist collaborations include Alan Walker, Danny Saucedo, Sabina Ddumba and King Charles.
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## How Many Corite (CO) Coins Are There in Circulation?
Corite (CO) is a utility token that will serve as the native currency of the platform. Circulation supply and market cap have been verified by CoinMarketCap.
## How Is the Corite Network Secured?
To ensure that the Corite platform is secure, the team commissioned a security audit from Peck Shield, a leading blockchain security company. Peck Shield reviewed the Corite smart contracts and other aspects of the platform's security infrastructure, including the web application and smart contract deployment process. Additionally, Corite is a part of Binance Oracle program, providing reliable, secure, and accurate data for smart contracts. Overall, these measures provide assurance to users that the Corite platform is secure and transparent.
## Where Can You Buy Corite (CO)?
Corite token is currently listed on Bybit, and PancakeSwap (V2). You can find others listed on our crypto exchanges page.